Soak the basmati rice in cold water for 15-30 minutes. Drain, rinse and set aside.
Press the sauté button and add 1⁄2 cup water to the pot. Once the water begins to steam, pour the milk into the pot. (Make sure the water is steaming before adding the milk as this will prevent the milk from burning at the bottom of the pot.) Add the rice, stir.
Secure the lid, close the pressure valve and cook for 20 minutes at high pressure.
Naturally release pressure.
Press sauté. Add the sugar, cardamom and saffron to the pot. Stir until well combined. The kheer will thicken as it cools. If you prefer a thicker pudding, press sauté and stir until desired consistency.
Serve this dessert hot, warm, cold or at room temperature. Top with nuts and raisins prior to serving.